June 6, 2011

 

CBOT corn posts modest gains ahead of key government reports

 

 

CBOT corn futures posted modest gains in early Asian trade on Monday (Jun 6), with the focus turning to government reports due this week, which are likely to confirm tight stocks and a poor production outlook for the US corn belt.

 

CBOT corn for July delivery Cc1 rose 0.36% to US$7.56-3/4 per bushel after falling 1.6% on Friday (Jun 3) as improved planting weather in the eastern Midwest supported prices.

 

Soy for July delivery Sc1 slipped 0.14% to US$14.12-1/2 after a 0.5% rise on Friday to touch a two-month high as drier corn planting raised the possibility of reduced US soy plantings.   

 

Wheat for July delivery Wc1 gained 0.16% to US$7.75, adding to a 0.5% on Friday. Sharp declines on Tuesday (May 31) and Wednesday (Jun 1) last week left CBOT wheat down about 5.6% on the week, the largest weekly fall in seven weeks.

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